Loan re-fi question
by icarus, Performer
- Created: May 18, 2009, 4:19 pm
I am at a complete loss on what to do - here's the situation.
My business (a retail store) is right next to a grocery store and 70% of my net revenues originate from foot traffic from the grocery store.
I bought the store couple of years back and worked my a## off to generate more clients and revenues. We have been succesful - and even last year when the economy started going sour and unemployment going up we were up.
Last month the grocery store next door went belly up i.e. chap 7 bankruptcy and closed doors - this has led to my revenues fall off a cliff. Right now our sales are down significantly.
I contacted my bank PNC bank and asked them if i could re-fi my $350K loan (at 10% fixed) to lower my monthly payments. They have been complete jerks and have said no. I am aghast at PNC bank - afterall they were recipients of tax payer money - our money - my money and yours !!
Right now all my sales are from the new clients i cultivated a relationship with and i have no new people coming in (since the closure of the grocery store) Also the foot traffic has significantly gone down - the parking lot is less busy than a morgue at 2AM on a Sunday night!!
What do i do ? Can someone please help .... i am going thru my savings and apart from financial stress - this is causing emotional stress as well.
Can some one please advice .....
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